Makena Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Makena Capital Management LLC reported 24 stock positions worth $998.3 million. Its top holding was Vanguard S&P 500 ETF (VOO) at 34.5% of the portfolio, followed by iShares Core MSCI Eafe ETF (IEFA, 11.0%) and iShares Core MSCI Emerging (IEMG, 4.7%). Compared with Q1 2025, it opened 2 new positions, sold out of 3, added to 11 and reduced 10. The biggest buy was a new position in Taiwan Semiconductor-SP ADR (TSM) and the biggest sale Vanguard S&P 500 ETF (VOO, shares −19%).
- Most Recent 13F
- Q2 2026
- Location
- MENLO PARK, CA
- CIK
- 0001359262
- Portfolio Value
- $998.3M (Q2 2025)
- SEC Filing
- 0001359262-25-000005 ↗ filed Aug 13, 2025
Holdings Value
Holdings 24 stocks · $998.3M
| VOO Vanguard S&P 500 ETF | 34.49% | 606,092 | $344.3M | Reduce -19.1% |
| IEFA iShares Core MSCI Eafe ETF | 11.05% | 1,322,675 | $110.3M | Reduce -13.9% |
| IEMG iShares Core MSCI Emerging | 4.69% | 779,675 | $46.8M | Reduce -19.2% |
| MSFT Microsoft Corp. | 3.89% | 78,159 | $38.9M | Reduce -6.3% |
| AMZN Amazon.com Inc. | 3.87% | 175,877 | $38.6M | Add +12.2% |
| GE General Electric filed as GE AEROSPACE | 3.25% | 126,218 | $32.5M | Reduce -12.3% |
| XLV SS Health Care Select Sector | 3.03% | 224,158 | $30.2M | Add +25.6% |
| MCO Moody's Corp. | 2.87% | 57,185 | $28.7M | Add +20.0% |
| GWRE Guidewire Software Inc. | 2.82% | 119,525 | $28.1M | Reduce -6.8% |
| TSM Taiwan Semiconductor-SP ADR | 2.80% | 123,589 | $28.0M | New |
| SGI Somnigroup International Inc. | 2.80% | 410,797 | $28.0M | Reduce -0.7% |
| LLYVK Liberty Media Corp.-Liberty-C | 2.64% | 325,246 | $26.4M | Add +7.3% |
| V Visa Inc. Class A | 2.63% | 74,051 | $26.3M | Add +9.6% |
| MTZ Mastec Inc. | 2.59% | 151,806 | $25.9M | Reduce -13.6% |
| CPNG Coupang Inc. | 2.58% | 861,271 | $25.8M | Add +2.3% |
| VEEV Veeva Systems Inc. Class A | 2.18% | 75,637 | $21.8M | New |
| SPGI S&P Global Inc. | 2.14% | 40,444 | $21.3M | Add +15.1% |
| SHW The Sherwin-Williams Co. | 1.93% | 56,023 | $19.2M | Add +5.3% |
| GOOGL Alphabet Inc. Class A | 1.85% | 104,925 | $18.5M | Reduce -34.4% |
| USFD US Foods Holding Corp. | 1.79% | 232,316 | $17.9M | Add +3.9% |
| FWONK Liberty Media Corp. Class C | 1.26% | 120,696 | $12.6M | Reduce -10.6% |
| PCOR Procore Technologies Inc. | 1.20% | 175,233 | $12.0M | Add +36.4% |
| XLP SS Consumer Staples Sel Sect | 1.17% | 144,483 | $11.7M | Add +17.0% |
| SNDA Sonida Senior Living Inc. | 0.46% | 185,000 | $4.6M | No change |
Portfolio Sells Q1 2025 → Q2 2025
| VOO Vanguard S&P 500 ETF | Reduce -19.1% | 34.49% | −5.27 |
| CRH CRH PLC | Sold out | 0.00% | −1.42 |
| GIL Gildan Activewear Inc. | Sold out | 0.00% | −1.10 |
| TEAM Atlassian Corp. Class A | Sold out | 0.00% | −1.00 |
| IEFA iShares Core MSCI Eafe ETF | Reduce -13.9% | 11.05% | −0.95 |
| GOOGL Alphabet Inc. Class A | Reduce -34.4% | 1.85% | −0.70 |
| IEMG iShares Core MSCI Emerging | Reduce -19.2% | 4.69% | −0.69 |
| FWONK Liberty Media Corp. Class C | Reduce -10.6% | 1.26% | +0.01 |
| SGI Somnigroup International Inc. | Reduce -0.7% | 2.80% | +0.24 |
| GE General Electric | Reduce -12.3% | 3.25% | +0.28 |
| GWRE Guidewire Software Inc. | Reduce -6.8% | 2.82% | +0.34 |
| MTZ Mastec Inc. | Reduce -13.6% | 2.59% | +0.48 |
| MSFT Microsoft Corp. | Reduce -6.3% | 3.89% | +0.66 |
Portfolio Buys Q1 2025 → Q2 2025
| TSM Taiwan Semiconductor-SP ADR | New | 2.80% | +2.80 |
| VEEV Veeva Systems Inc. Class A | New | 2.18% | +2.18 |
| AMZN Amazon.com Inc. | Add +12.2% | 3.87% | +0.79 |
| CPNG Coupang Inc. | Add +2.3% | 2.58% | +0.68 |
| MCO Moody's Corp. | Add +20.0% | 2.87% | +0.58 |
| LLYVK Liberty Media Corp.-Liberty-C | Add +7.3% | 2.64% | +0.51 |
| XLV SS Health Care Select Sector | Add +25.6% | 3.03% | +0.34 |
| PCOR Procore Technologies Inc. | Add +36.4% | 1.20% | +0.33 |
| SPGI S&P Global Inc. | Add +15.1% | 2.14% | +0.29 |
| USFD US Foods Holding Corp. | Add +3.9% | 1.79% | +0.28 |
| V Visa Inc. Class A | Add +9.6% | 2.63% | +0.19 |
| XLP SS Consumer Staples Sel Sect | Add +17.0% | 1.17% | +0.13 |
| SHW The Sherwin-Williams Co. | Add +5.3% | 1.93% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 26 | $951.8M | VOO, IEFA, IEMG, VEEV, GWRE |
| Q1 2026 | 27 | $866.1M | VOO, IEFA, IEMG, AMZN, GWRE |
| Q4 2025 | 26 | $834.5M | VOO, IEFA, IEMG, AMZN, MSFT |
| Q3 2025 | 24 | $968.5M | VOO, IEFA, IEMG, MSFT, AMZN |
| Q2 2025 | 24 | $998.3M | VOO, IEFA, IEMG, MSFT, AMZN |
| Q1 2025 | 25 | $968.7M | VOO, IEFA, IEMG, MSFT, AMZN |
| Q4 2024 | 41 | $616.5M | VOO, IEFA, AMZN, MSFT, IEMG |
| Q3 2024 | 39 | $416.4M | AMZN, MSFT, GWRE, GE, GOOGL |
| Q2 2024 | 38 | $431.6M | AMZN, MSFT, GE, PCOR, GOOGL |
| Q1 2024 | 39 | $429.6M | AMZN, MSFT, GE, PCOR, V |